Johnson & Johnson (J&J) has entered into a definitive agreement to acquire US compatriot Firefly Bio, a biotechnology company pioneering degrader-antibody conjugates (DACs), for USD 1 billion in cash. Firefly's proprietary Firelink platform is designed to conjugate highly selective protein degraders to antibodies, enabling precise intracellular delivery of degraders to tumour cells while sparing healthy tissue. J&J intends to deploy this technology to develop candidates targeting KRAS-driven cancers and other solid tumours.

Firefly Bio emerged from stealth in 2024 with a USD 94 million Series A round backed by Versant Ventures, MPM BioImpact, Decheng Capital, and Eli Lilly. The acquisition reflects J&J's continued strategy to invest in novel modalities that address limitations of traditional small-molecule therapies in oncology.

According to PharmCube's NextBiopharm® database, this is the first M&A deal in the DAC space, and is the third-largest when compared to DAC licensing transactions. Click here to request a free trial for NextBiopharm®.